Broker Name: Maybank Research Pte Ltd
Date of Report: February 2, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Mapletree Pan Asia Commercial Trust (MPACT) delivered stable 3Q25 results, with a 2.5% YoY increase in DPU, but 9M DPU was flat YoY due to continued headwinds in its overseas portfolio.
- Performance in Singapore was resilient, especially at VivoCity, but was partly offset by softer results in China and Japan, lower occupancy overall, and flat portfolio rental reversion.
- Finance expenses decreased due to lower interest rates and reduced borrowings, while gearing remained stable and proactive capital management was highlighted, including planned divestment of certain assets for debt reduction.
- The overseas portfolio faces persistent challenges, particularly in Greater China and Japan, but the outlook for Singapore assets remains stable.
- Maybank maintains a BUY rating and a target price of SGD 1.55, supported by expectations of lower interest rates, resilience in Singapore, and ongoing asset and capital management.
- Risks to the outlook include non-renewal of anchor leases, weaker reversions, slower retail sales in Singapore, and higher interest costs as hedges reprice.
- MPACT remains a diversified, flagship commercial REIT with a strong presence in Asia’s key gateway markets, high ESG standards, and a balanced sector exposure.
- Dividend yield is expected to moderate but remain attractive, with DPU growth stabilizing in the coming years.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : https://www.maybank.com/investment-banking
